Problem 1 Several vield tests for roasting rounds of beef have been carefully undertaken. A summary of results (average per round) follows: As purchased (AP) Weight Servable Weight Cost (AP) 22 lb 7 oz %3D 17 lb 10 oz $6.95 per %3D per lb a. What is the cost per servable pound? b. Use the above information to determine the number of pounds of rounds to purchase for a weekend buffet being planned for 275 guests (six [EP-on the plate] ounces will be served to each guest). c. Use the above information to calculate a cost factor and then use the cost factor to determine the revised cost per servable pound when the AP price of the round rises to $7.45 per pound. d. Using the revised cost per servable pound, calculate the per portion cost for the six- ounce portion that will be provided on the buffet.

Problem 1 Several vield tests for roasting rounds of beef have been carefully undertaken. A summary of results (average per round) follows: As purchased (AP) Weight Servable Weight Cost (AP) 22 lb 7 oz %3D 17 lb 10 oz $6.95 per %3D per lb a. What is the cost per servable pound? b. Use the above information to determine the number of pounds of rounds to purchase for a weekend buffet being planned for 275 guests (six [EP-on the plate] ounces will be served to each guest). c. Use the above information to calculate a cost factor and then use the cost factor to determine the revised cost per servable pound when the AP price of the round rises to $7.45 per pound. d. Using the revised cost per servable pound, calculate the per portion cost for the six- ounce portion that will be provided on the buffet.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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